LONDON–(BUSINESS WIRE)–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Edible Oils Market – Procurement Intelligence Report.
Packaging and transportation are the critical parameters that are making or breaking the buyer’s goal of achieving optimal procurement and category management in the edible oils market. However, recent findings have revealed that lack of comprehension of the impact of these factors coupled with sub-optimal supplier relationships is manifesting into a spiraling procurement spend for buyers in the current edible oils market. This is expected to have a serious impact on the spend growth of this market which is expected to touch a value of over USD 14 billion.
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However, factors that are expected to contribute to this projected spend growth in the edible oils market are the growing demand from the food processing industry and the availability of trans fat-free edible oil options for various end-user industries for producing products such as mayonnaise, biofuels, fried foods, cosmetics, and pharmaceuticals.
What are the edible oils price trends that are driving the overall price structure in the global edible oils market?
- The gradual rise in utility prices will have an inflationary impact on the energy-intensive manufacturing process of edible oils. Consequently, such an inflating expense will be compensated buyers in the form of excess procurement spend.
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- While suppliers are engaging in new manufacturing techniques to increase production and provide quality edible oils, these initiatives are increasing their R&D expenses to a significant extent. According to the edible oils price trends, their increasing R&D expense will have a major impact on buyer’s procurement spend.
What are the scopes of optimizing procurement spend with these upward rising edible oils price trends?
The scopes to optimize spend are ample and it will require strategic insights into the edible oils market. Strategic selection of suppliers will not only fulfill the buyer’s delivery requirements but will also play a critical role in guiding them to adopt measures to achieve optimal procurement and category management in this market.
Quality of packaging
Characteristically, edible oils are highly susceptible to contamination if are exposed to any external substances. This makes the packaging of oil a little complex as the packaging material needs to be chosen and maintained accordingly. Hence, it is essential for buyers to inspect the quality of the packaging materials used and check the packaging processes deployed by suppliers for cleaning the containers/bottles before the oils are packed.
Engage with suppliers that follow HACCP safety programs
Edible oils suppliers are expected to adopt a set of comprehensive testing and quality assurance methods that adhere to HACCP safety programs in the US. HACCP is important because it helps to control potential hazards during food production. It prevents major risks such as microbiological, chemical, and physical contamination.
Now buy one report and get a 50% discount on the second. Contact us to know more about the packages and additional discounts you can avail from SpendEdge or first, check the free sample of this edible oils market procurement intelligence report.
Some of the key topics covered in this report are:
- Edible oils market spend segmentation by region
- Total cost of ownership analysis in the edible oils market
- Regional spend opportunity for edible oils suppliers
- Edible oils suppliers cost structure
- Edible oils suppliers selection criteria
- Edible oils suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the edible oils market
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